Global certificate

(1) The custodian must hand over to a central securities depository for safekeeping a security that embodies several rights, each of which could individually be embodied in fungible securities of one and the same kind (global certificate), unless the depositor has, under section 2, first sentence, required separate safekeeping of the global certificate. The issuer may, at any time and without the consent of the other parties concerned, 1. replace a global certificate held in custody by the central securities depository, in whole or in part, with individual securities to be taken into collective safe custody, or 2. replace individual securities of a collective holding of a central securities depository with a global certificate.
(2) Where a central securities depository keeps a global certificate alone or together with individual securities issued in respect of rights of the kind embodied in the global certificate, sections 6 to 9, as well as the other provisions of this Act on collective safe custody and shares of a collective holding, apply mutatis mutandis, insofar as paragraph 3 does not provide otherwise.
(3) Where delivery of individual securities is demanded under sections 7 and 8, the issuer must replace the global certificate with individual securities to the extent necessary for the delivery; during the period required to produce the individual securities, the central securities depository may refuse delivery. Where the issuer is not obliged, under the underlying legal relationship, to issue individual securities to the holders of the rights embodied in the global certificate, delivery of individual securities may not be demanded from the central securities depository either.